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Brining money to China

Shanghai Expat Forum Index » Hot Topics Forums » Visas, Taxes, and Legalities

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hanfeiyi

Squeeker

Joined: Feb 18, 2008
Posts: 19

Status: Offline

Posted: July 01, 2008 - 11:21 PM
Post subject: Brining money to China

What's the best way to bring money to China. Cash, Traveler's Checks, ATM card?

I'll be in Shanghai for 3 months. I have a bank of america atm card. Can I use that in shanghai? Will I be stuck with huge withdrawl fees? What will give me the lowest exchange rate?

Thanks.

MoonOverMiami
Raver
Raver

Joined: Jan 07, 2008
Posts: 460

Posted: July 02, 2008 - 12:33 AM

Check with BoA if they still have the agreement with the China Construction Bank where all BoA customers can withdraw money from CCB atms without any atm fees. The exchange rate could be a different issue.

I'm not too convinced with Traveler's Checks. A friend of mine brought TC with her and tried to exchange it at the Bank of China. While the exchange rate was a little bit better, BoC charged a commission for exchanging the American Express TC even though her bank in the US said there should be no commission. After the exchange and commission, it turned out my friend got a slightly lower rate than the cash rate.

You may want to start out with cash, then resort to ATMs later on. Cash exchange rates are pretty much the same throughout China so there is no advantage to exchange it at one bank or another. Keep the USD to RMB exchange receipt so when you leave China you can change whatever RMB you have left back to USD with little hassle.

And whatever you do, do not exchange USD to RMB in the US. The rates I've seen at the forex booths in LAX and SFO were complete rip-offs!

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Renovator

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Joined: Apr 18, 2007
Posts: 485
Location: Century Park & MA,USA
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Posted: July 02, 2008 - 01:35 AM

The commission on travelers checks in China is $3.75 for every $500 exchanged (.75% of transaction). To me this is a good value especially if your US bank will issue you traveler's checks at no charge as they do for me at BOA

shanghaiceltic

Board Royalty

Joined: Sep 20, 2005
Posts: 7617
Location: Perth WA
Status: Offline

Posted: July 02, 2008 - 06:15 AM

The downside for the TC's is the wait at the bank.

I would use the ATM's.

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jpvz123

Newbie

Joined: June 05, 2008
Posts: 3

Status: Offline

Posted: July 02, 2008 - 06:59 AM

And with BofA you can still use China Development Bank ATMs with no fees so that is always a plus. Other banks you can use are Guangdong Dev Bank and HK Bank with the same added benefit from BofA

underh20
Shanghai Royalty

Joined: Sep 27, 2006
Posts: 9887
Location: EOA Seminar

Posted: July 02, 2008 - 08:09 AM

jpvz123 wrote:

And with BofA you can still use China Development Bank ATMs with no fees so that is always a plus. Other banks you can use are Guangdong Dev Bank and HK Bank with the same added benefit from BofA

Every time I have used my BoA ATM card in HSBC or GuangFa I have been hit with fees.

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hanfeiyi

Squeeker

Joined: Feb 18, 2008
Posts: 19

Status: Offline

Posted: July 02, 2008 - 08:25 AM

underh20 wrote:

jpvz123 wrote:

And with BofA you can still use China Development Bank ATMs with no fees so that is always a plus. Other banks you can use are Guangdong Dev Bank and HK Bank with the same added benefit from BofA

Every time I have used my BoA ATM card in HSBC or GuangFa I have been hit with fees.

What has been your experience using a BoA card at China Construction Bank? (what kind of fees, exchange rate etc..)

thanks!